Unit Outline

Introduction to Markets and the Economy introduces the key concepts in economics, microeconomics and macroeconomics. It demonstrates how these concepts can be used to describe and explain the decisions of businesses and individuals and their reaction to world events, social and economic change and government policy. The unit explains why and when markets work and fail. Many of the problems that nations face such as pollution, unemployment, climate change, deflation, inflation, poverty, education and health, are market failures. The unit devotes considerable time towards explaining how to develop basic microeconomic and macroeconomic policy for market failures and how evaluate their welfare consequences for different members of society.

Intended Learning Outcomes

As per the Assessment and Results Policy 1.3, your results will reflect your achievement against specified learning outcomes.

On completion of this unit, you will be able to:


1.	Define and interpret key microeconomic and macroeconomic concepts.
2.	Apply basic microeconomic and macroeconomic concepts to describe the impact of global events, social change, and government policy on markets and the macroeconomy.
3.	Describe how and why markets work, and how and why they fail. Develop and critically evaluate basic microeconomic and macroeconomic policy solutions to market failures and identify their welfare implications.

Requisites


REQUISITE TYPE	REQUISITES
Anti-requisite (mutual excl)	BEA111

Alterations as a result of student feedback

How will I be Assessed?

For more detailed assessment information please see MyLO.

Assessment schedule


ASSESSMENT TASK #	ASSESSMENT TASK NAME	DATE DUE	WEIGHT	LINKS TO INTENDED LEARNING OUTCOMES
Assessment Task 1:	Principles	Week 4	10 %	LO1, LO2
Assessment Task 2:	Assignment 1 - Micro topics	Week 8	35 %	LO1, LO2, LO3
Assessment Task 3:	Assignment 2 - Macro Topics	Week 12	35 %	LO1, LO2, LO3
Assessment Task 4:	Quiz	Refer to Assessment Description	20 %	LO1, LO2, LO3

Assessment details

Assessment Task 1: Principles

Task Description:

This individual report is designed to develop your ability to apply skills of sound economic reasoning and the principles of economic analysis. It will also develop your ability to present economic arguments and analysis clearly. Detailed guidelines and instructions will be distributed in lectures and posted on MyLO. You must submit your assignment as a single PDF file through the Assignment submission link in MyLO.

Task Length:

Approximately 10 pages.

Due Date:

Week 4

Weight:

10 %

CRITERION #

CRITERION

MEASURES INTENDED

LEARNING OUTCOME(S)


1	Use microeconomic and macroeconomic concepts to describe markets and the macroeconomy.	LO1
2	Apply basic microeconomic and macroeconomic concepts to describe markets, trade and the interaction of market participants.	LO2
3	Apply basic microeconomic and macroeconomic concepts to describe the impact of global events, social change, government policy and changing economic conditions on markets and the macroeconomy.	LO2
4	Apply basic economics models and tools to analyse reactions of markets and the macroeconomy to social and economic change.	LO2

Assessment Task 2: Assignment 1 - Micro topics

Task Description:

This individual report is designed to develop your ability to apply skills of sound economic reasoning and elementary microeconomic analysis to current policy issues. It will also develop your ability to present economic arguments and analysis clearly. Detailed guidelines and instructions will be distributed in lectures and posted on MyLO. You must submit your assignment as a single PDF file through the Assignment submission link in MyLO.

Task Length:

Approximately 18 pages.

Due Date:

Week 8

Weight:

35 %

CRITERION #

CRITERION

MEASURES INTENDED

LEARNING OUTCOME(S)


1	Use microeconomic and macroeconomic concepts to describe markets and the macroeconomy.	LO1
2	Use microeconomic and macroeconomic data with appropriate economic concepts to describe markets and the macroeconomy.	LO1
3	Apply basic microeconomic and macroeconomic concepts to describe markets, trade and the interaction of market participants.	LO2
4	Apply basic microeconomic and macroeconomic concepts to describe the impact of global events, social change, government policy and changing economic conditions on markets and the macroeconomy.	LO2
5	Identify different types of externalities and describe why they lead to market failures.	LO3
6	Develop and critically evaluate basic microeconomic and macroeconomic policy solutions to externalities.	LO3
7	Quantify the welfare implications of externalities and their solutions for consumers, firms and governments.	LO3

Assessment Task 3: Assignment 2 - Macro Topics

Task Description:

This individual report is designed to develop your ability to apply skills of sound economic reasoning and elementary macroeconomic analysis to current policy issues. It will also develop your ability to present economic arguments and analysis clearly. Detailed guidelines and instructions will be distributed in lectures and posted on MyLO. You must submit your assignment as a single PDF file through the Assignment submission link in MyLO.

Task Length:

Approximately 18 pages

Due Date:

Week 12

Weight:

35 %

CRITERION #

CRITERION

MEASURES INTENDED

LEARNING OUTCOME(S)


1	Use microeconomic and macroeconomic concepts to describe markets and the macroeconomy.	LO1
2	Use microeconomic and macroeconomic data with appropriate economic concepts to describe markets and the macroeconomy.	LO1
3	Apply basic microeconomic and macroeconomic concepts to describe markets, trade and the interaction of market participants.	LO1
4	Apply basic economics models and tools to analyse reactions of markets and the macroeconomy to social and economic change.	LO2
5	Develop and critically evaluate basic microeconomic and macroeconomic policy solutions to externalities.	LO3

Assessment Task 4: Quiz

Task Description:

There are twelve (12) multiple choice quizzes to be completed online via MyLO, one due each week from week 2 to 13. It is advisable to wait until you have participated in your workshop and check the solutions before undertaking each quiz.

The scores from the ten quizzes in which you score the highest, will determine your total score for this assessment, which means you can miss up to two (2) quizzes without penalty during the semester. Your total score for this assessment task contributes 20% to your final mark in the unit.

Each quiz will be available until Sunday 11 pm of that week. You have two attempts for each quiz and the best out of the two attempts will be selected. You will have 20 minutes to complete each quiz on MyLO.

Task Length:

20 minutes per week for 12 weeks.

Due Date:

Refer to Assessment Description

Weight:

20 %

CRITERION #

CRITERION

MEASURES INTENDED

LEARNING OUTCOME(S)


1	Use microeconomic and macroeconomic concepts to describe markets and the macroeconomy.	LO1
2	Use microeconomic and macroeconomic data with appropriate economic concepts to describe markets and the macroeconomy.	LO1
3	Apply basic microeconomic and macroeconomic concepts to describe markets, trade and the interaction of market participants.	LO2
4	Apply basic economics models and tools to analyse reactions of markets and the macroeconomy to social and economic change.	LO2
5	Identify different types of externalities and describe why they lead to market failures.	LO3

How your final result is determined

To pass this unit, you need to demonstrate your attainment of each of the Intended Learning Outcomes, achieve a final unit grade of 50% or greater, and pass any hurdle tasks.

Submission of assignments

Where practicable, assignments should be submitted to an assignment submission folder in MYLO. You must submit assignments by the due date or receive a penalty (unless an extension of time has been approved by the Unit Coordinator). Students submitting any assignment in hard copy, or because of a practicum finalisation, must attach a student cover sheet and signed declaration for the submission to be accepted for marking.

Requests for extensions

If you are unable to submit an assessment task by the due date, you should apply for an extension.

A request for an extension should first be discussed with your Unit Coordinator or teaching support team where possible. A request for an extension must be submitted by the assessment due date, except where you can provide evidence it was not possible to do so. Typically, an application for an extension will be supported by documentary evidence: however, where it is not possible for you to provide evidence please contact your Unit Coordinator.

The Unit Coordinator must notify you of the outcome of an extension request within 3 working days of receiving the request.

Late penalties

Assignments submitted after the deadline will receive a late penalty of 5% of the original available mark for each calendar day (or part day) that the assignment is late. Late submissions will not be accepted more than 10 calendar days after the due date, or after assignments have been returned to other students on a scheduled date, whichever occurs first. Further information on Late Penalties can be found on the Assessments and Results Procedure.

Review of results and appeals

You are entitled to ask for a review of the marking and grading of your assessment task if there is an irregularity in the marking standards or an error in the process for determining the outcome of an assessment. Details on how to request a review of a mark for an assignment are outlined in the Review and Appeal of Academic Decisions Procedure.

Required Resources

Required reading materials

Frank, R.H., Jennings, S.M. and Bernanke, B.S. (2012), Principles of Microeconomics, (3rd edn), McGraw Hill, North Ryde, NSW.

You will need a hard copy of e-text of the following text book:

Hubbard, R. Glen., Anne Garnett, Phil Lewis, Anthony O'Brien (2018), Essentials of Economics, (4th edn), Pearson. ISBN 9781488616983, NSW

Hard copies of the book are available for purchase from the Co-op Bookshop in person, or on line at www.coop.com.au/essentials-of-economics.

Hard copies and e-text versions of the book are available from the publisher Pearson at https://www.pearson.com/en-au

You may also wish to purchase MyLab for Hubbard et. al from Pearson that provides additional resources and opportunities to learn.